|
1511 N. Westshore Blvd., Suite 900 Tampa, Florida 33607 (813) 830-7700 www.ablest.com |
FOR IMMEDIATE RELEASE
|
SYMBOL: | AIH | ||
Thursday, August 10, 2006
|
TRADED: | AMEX |
| For the Thirteen Week | For the Twenty Seven Week | For the Twenty Six Week | ||||||||||||||
| Periods Ended | Period Ended | Period Ended | ||||||||||||||
| July 2, 2006 | June 26, 2005 | July 2, 2006 | June 26, 2005 | |||||||||||||
Net service revenues |
$ | 34,340 | $ | 32,751 | $ | 70,204 | $ | 63,586 | ||||||||
Cost of services |
28,398 | 27,009 | 58,151 | 52,867 | ||||||||||||
Gross profit |
5,942 | 5,742 | 12,053 | 10,719 | ||||||||||||
Selling, general and administrative expenses |
5,466 | 4,815 | 11,017 | 9,364 | ||||||||||||
Operating income |
476 | 927 | 1,036 | 1,355 | ||||||||||||
Other: |
||||||||||||||||
Interest income, net |
10 | | 9 | | ||||||||||||
Miscellaneous income (expense), net |
19 | | 21 | (3 | ) | |||||||||||
Other income (expense) |
29 | | 30 | (3 | ) | |||||||||||
Income before income taxes |
505 | 927 | 1,066 | 1,352 | ||||||||||||
Income tax expense |
220 | 353 | 433 | 514 | ||||||||||||
Net income |
$ | 285 | $ | 574 | $ | 633 | $ | 838 | ||||||||
Basic net income per common share |
$ | 0.10 | $ | 0.20 | $ | 0.22 | $ | 0.29 | ||||||||
Diluted net income per common share |
$ | 0.10 | $ | 0.20 | $ | 0.21 | $ | 0.29 | ||||||||
Weighted average number of common shares used
in computing net income per common share |
||||||||||||||||
Basic |
2,933,268 | 2,863,509 | 2,915,761 | 2,859,043 | ||||||||||||
Diluted |
2,971,642 | 2,940,368 | 2,952,721 | 2,933,530 | ||||||||||||
| July 2, 2006 | December 25, 2005 | |||||||
ASSETS |
||||||||
CURRENT ASSETS |
||||||||
Cash and cash equivalents |
$ | 3,698 | $ | 1,931 | ||||
Accounts receivable, net |
16,355 | 18,760 | ||||||
Prepaid expenses and other current assets |
704 | 469 | ||||||
Current deferred tax asset |
1,246 | 1,246 | ||||||
Total current assets |
22,003 | 22,406 | ||||||
Property and equipment, net |
2,329 | 1,732 | ||||||
Deferred tax asset |
681 | 863 | ||||||
Goodwill |
1,283 | 1,283 | ||||||
Other assets |
245 | 171 | ||||||
Total assets |
$ | 26,541 | $ | 26,455 | ||||
LIABILITIES AND STOCKHOLDERS EQUITY |
||||||||
CURRENT LIABILITIES |
||||||||
Accounts payable |
$ | 739 | $ | 841 | ||||
Accrued insurance |
2,235 | 2,536 | ||||||
Accrued wages |
2,500 | 2,738 | ||||||
Other current liabilities |
469 | 514 | ||||||
Total current liabilities |
5,943 | 6,629 | ||||||
Other liabilities |
198 | 432 | ||||||
Total liabilities |
6,141 | 7,061 | ||||||
COMMITMENTS AND CONTINGENCIES |
||||||||
STOCKHOLDERS EQUITY |
||||||||
Preferred stock of $.05 par value; 500,000 shares authorized, none issued
or
outstanding at July 2, 2006 and December 25, 2005 |
| | ||||||
Common stock of $.05 par value; 7,500,000 shares authorized, 3,387,118 and
3,334,344 shares issued and outstanding including shares held in
treasury at July 2,, 2006 and December 25, 2005, respectively |
169 | 167 | ||||||
Additional paid-in capital |
5,636 | 5,265 | ||||||
Retained earnings |
16,705 | 16,072 | ||||||
Treasury stock at cost; 457,729 shares held at July 2, 2006
and December 25, 2005 |
(2,110 | ) | (2,110 | ) | ||||
Total stockholders equity |
20,400 | 19,394 | ||||||
Total liabilities and stockholders equity |
$ | 26,541 | $ | 26,455 | ||||
SOURCE:
|
Ablest Inc. | |
CONTACT:
|
John Horan, Vice President and Chief Financial Officer | |
| 813/830-7700 or jhoran@ablest.com/ |